ASK THE EXPERTS

Is it a good time to be a first-time buyer?

MICHAEL GREHAN Absolutely — thanks to Help to Buy! In addition, the very competitive longer-term fixed mortgage interest rates available and the growing disparity between the monthly cost of renting versus the more affordable cost of buying (if you can get a mortgage) all makes a difference. The increasing choice available between new and second-hand property is also helpful in a less frantic market which is far better for the first-time purchaser. AINE MYLER FTBs can take advantage of the Help-To-Buy scheme, which runs to end of this year. They need a lower deposit (10pc) than other buyers to comply with Central Bank rules and there should be stronger supply at this level also, providing choice for buyers. KEITH LOWE Yes. Firstly, banks continue to compete for their custom and are now offering up to 2pc cash back and 2pc off monthly mortgage payments along with low-interest-rate products for new customers. Couple this with the Government’s Help-To-Buy scheme, which provides a 5pc tax credit in the form of an upfront firsttime buyers grant of up to €20,000 for new properties priced up to €500,000. Most first-time buyers are in rental accommodation and the majority will see their monthly outgoing fall when they buy, as rents now surpass mortgage payments in many cases. DARINA COLLINS No. Affordability is a major issue due to Central Bank loan caps. A couple on an average income can no longer afford the price of a new starter home in many of the major urban areas. PAT DAVITT Those who can overcome the hurdles are better off buying than renting. Studies have proven time and time again that home ownership is one of the best methods of improving personal wealth over the longer-term.